Dear Colleagues! This is Asrar Qureshi’s Blog Post #696 for Pharma Veterans. Pharma Veterans welcome sharing of knowledge and wisdom by Veterans for the benefit of Community at large. Pharma Veterans Blog is published by Asrar Qureshi on WordPress, the top blog site. Please email to firstname.lastname@example.org for publishing your contributions here.
This series of posts gives ideas about what opportunities new graduates can find in pharmaceutical industry. Pharmaceutical Industry is a large industry; it employs a fair number of people in various departments.
In the last post, we talked about physical sciences, particularly chemistry. Another branch of sciences is Management Sciences. BS Management Sciences offers majors in Human Resource Management, Marketing, Finance and Supply Chain. BBA – Bachelor Business Administration is also included in management sciences. All of these can lead to master’s degree and up in any of the majors. Please understand that for a managerial position, master’s degree will be required. However, one could enter the pharma industry after graduation and then continue with studies later.
Human Resources Management
HRM has greatly evolved in the past few decades due to practical necessities. Most jobs have become knowledge-based, and the skills to perform are not just manual, because lot of mechanization has come in. In the offices, the computers have taken the place of entries on paper. Both may still be coexisting, but digital entries take priority. Similarly, skilled workers upped their demands for better compensation and working conditions. Thirdly, many new jobs opened which were previously not available. Fourthly, a new body of work emerged on human behavior, their motivations, interpersonal relations, management practices, efficiency, effectiveness, and employee retainability.
Do we still remember the Time and Motion theory? Originally, it was put forward by Frank Winslow Taylor, an American engineer, in the late nineteenth century. He focused on cost cutting through improved efficiency and productivity. The theory broke new ground as it split each job into smaller steps and improved each step. The piecework payment method was another good part. The problem with this practice was that it put the humans and machines at the same level. Some of those practices are still in vogue in manufacturing sector, but other businesses have come a long way in human resource management.
Every organization has a human resource department even if only one person works in it. At its most developed form, HR department handles the following activities.
- Selection and recruitment
- Compensation and benefits
- Learning and development
- Performance management
- Employee engagement
- Talent hunting, acquisition, and retention
Many new ideas and practices have been introduced in HRM, and the number of staff has increased consistently. For young graduates, HRM is growing, paying and purposeful field.
New graduates join as interns, or MTOs – Management Trainee Officers, and can hope to grow as HR Officer, HR Executive, Assistant Manager, Deputy Manager, Manager, Senior Manager, and so on.
Marketing is among the most evolved areas in every way. The focus, attention, dependence, budgets, execution, energy, and finesse are electrifying and par excellence. For most growing businesses, marketing is the lifeline, and there are two major reasons for it. One, the competition is intense, for every item there are numerous choices, and marketing is the only way to attract customers. Two, the customers are demanding, they demand the best value for money and are hard to satisfy. Marketing defines how a product fulfills customer needs, and it also creates needs. Creating need is now the major job of marketing. Just think why would you change your wardrobe if the existing one is good enough? Because the style, fashion, cut, fabric selection has changed. So, you dump your perfect clothes and buy new ones. Same happens in buying a new mobile phone, changing furniture, bringing a bigger TV, and so on. No genuine need existed; it was created by the marketing.
Marketing makes new strategies for maintaining existing customers, enticing new customers, adding new product lines, bringing customer delight, adding revenues, and adding profits. Marketing by consumer products is seen everywhere; biggest of them are the likes of Coke and Pepsi. Major clothing retailers are also not far behind. Marketing by way of advertising is not allowed to pharma industry by law, but there is a huge space for marketing here also. Every pharma company has a marketing department, and relevant to size of business, the number of staff is continuously added.
Marketing is a greatly exciting field and offers big opportunity for career growth, and enhanced lifestyle. Among all departments in pharma, marketing is the most happening one.
New graduates can join as interns, or MTOs – Management Trainee Officers, and then grow to become Assistant Product Manager, Product Manager, Senior Product Manager, Group Product Manager, Marketing Manager and onwards.
To be Continued……Disclaimer: Many pictures in these blogs are taken from Google Images which does not show copyright ownership. If a claim is lodged at any stage, we shall either mention the ownership clearly, or remove the picture with suitable regrets.